Analysts at UOB Group suggest at their Quarterly Global Outlook the RBNZ to refrain from acting on rates for the remainder of the year.

• “The RBNZ delivered a more-aggressive interest rate cut in August, slashing its OCR by 50bps to 1.00%. We had thought the RBNZ would prefer more time to evaluate the impact of the first rate cut in May, and wait out for further developments on the economic front.
• Nonetheless, we see August’s bigger-than-expected move as pre-emptive in nature and the RBNZ is likely to wait it out before considering further cuts in interest rates again. For now, we are keeping our year-end OCR forecast unchanged at 1.00%.
• But just like the RBA, developments in the global backdrop will have important implications on the timing and extent of further easing”.